Noble Group Is Running Out of Time

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Nearly a year after a shock trading loss sent it spiraling toward collapse, the commodity trader is racing to reach a deal with a group of senior creditors before a $379 million bond maturity on March 20, according to people familiar with the matter, Bloomberg News reported. "The clock is really ticking," said Jean-Francois Lambert, a consultant and former head of commodity trade finance at HSBC Holdings Plc. "The domino effect of default would be like a tsunami." The March 20 bond maturity is shaping up to be the denouement of a drama that began more than three years ago when then-unknown Iceberg Research started publishing critiques of Noble’s accounting. Since then, the company has shrunk to a shadow of its former self, battered by trading losses and massive writedowns. On Monday morning, Noble announced that it had decided not to pay a coupon on its 2022 bond that was due on Friday. Read more.